The chances of finding a bargain on a prime property for sale in the UK today is far lower than in recent years, according to research from property website PrimeLocation.com.
The proportion of prime properties (those worth over £1 million) currently for sale that have been reduced in price since originally coming onto the market now stands at only one in five (21 per cent), down sharply from 28 per cent one year ago. The average discount on those properties that have seen a price reduction is currently 8.9 per cent.
Bromley in South East London has the highest proportion of discounted million pound homes for sale with almost half (49.3 per cent) of those on the market currently having been reduced to tempt buyers. Barnet and Rickmansworth, both in North London, round out the top three locations with the highest levels of reduced-price prime properties at 33.9 per cent and 31.2 per cent respectively.
At the other end of the scale, only 10 per cent of Edinburgh’s prime properties currently on the market have been reduced in price to attract buyers. And the market for million pound homes in Guernsey and the Isle of Man appears strong with each having amongst the lowest proportions of discounted prime properties in the UK, at 12 per cent and 13.6 per cent respectively.
Unsurprisingly, some of the lowest levels of discounts on offer on prime properties are in London suburbs including Kingston upon Thames (4.2 per cent), Northwood (4.6 per cent) and Richmond (5.3 per cent). However, prime property owners in Newcastle and Oxford appear less confident about their original asking prices with the average discount on million pound Tyneside homes at 20.6 per cent and in Oxford currently at 14.1 per cent.
Lawrence Hall of PrimeLocation.com, comments: “Anyone who thinks that property buyers at the top end of the market are less price sensitive is mistaken. Even more so, because the numbers are so much bigger, prime buyers are always looking for the best possible deal. And whilst there are less discounted properties on the market than in recent years, there are still some areas where prices have been reduced significantly and bargains are to be had.”
Loading ...